M&S has released its preliminary results for the 52 weeks ended 28th March 2026, showing “resilient performance” despite the “significant operational impact” from the cyber-attack.
In a statement, M&S said performance in 2025/26 was a year of two halves, with impact from the cyber incident during the first half followed by a return to sales and profit growth in the second. The company said it made “further progress on its transformation, enabled by a strong balance sheet and sustained net funds position”.
M&S Group adjusted profit before tax for the year to 28th March was down 23.8% from £881.1 million to £671.4 million and statutory profit before tax was down 28.8% at £364.6 million. Second half adjusted profit increased by 4.1% year-on-year and the company said that growth in Food more than offset the decline in Fashion, Home & Beauty.
Food sales show growth
Food sales over the period were up 7% as customer numbers increased and market share grew by 17 basis points to 4.1%. Adjusted operating profit was £444.5 million, down from £491.8 million in the prior year, which M&S said reflected “sustained volume growth in H2” following the impact of increased markdown and waste in H1.
Food volume growth was reportedly underpinned by investment in “value, quality, innovation and long-term supplier commitments”.
Stuart Machin, M&S chief executive, commented: “That was an extraordinary year. We were laser focused on our customers, worked incredibly hard to recover our business, and we came out stronger. Throughout we were transparent with customers and they rewarded us with their loyalty.
“We remain the UK’s most trusted brand, and we never take that for granted. We aim to serve our customers better every day, and we thank them for shopping with us. We continue to invest in the value, quality and innovation that they look for in M&S.”
“Food was our standout performer as more customers than ever chose M&S Food for its quality, innovation, and value.”
He continued: “Food was our standout performer as more customers than ever chose M&S Food for its quality, innovation, and value. Performance accelerated in the second half, returns were strong, and we continue to outperform the market with the prospect of more growth to come.
“Retailers face a triple whammy of headwinds with increased taxation, a greater regulatory burden and ongoing global conflict. At M&S we are unshaken by short-term events. We have a clear plan and there is much within our control as we reinvest in value and quality for our customers.”
Outlook for 2026/27
M&S said that 2026/27 will see increased focus on its three core investment programmes of supply chain modernisation, technology transformation and store rotation, with food continuing to drive volume growth.
The outlook for the year includes higher fuel, freight and input costs and continued Government tax levies and regulatory headwinds for the sector. According to M&S it will mitigate these through improved buying, reinvestment in value to drive volume, and savings from its structural cost reduction programme.
